(1) Subject to subsections (4) and (5), a company (the "relevant company") shall not enter into an arrangement under which -
(a) a director of the relevant company or of its holding company, or a person connected with such a director, acquires or is to acquire, one or more non-cash assets of the requisite value from the relevant company, or
(b) the relevant company acquires or is to acquire, one or more non-cash assets of the requisite value from such a director or a person so connected,
unless the arrangement is first approved -
(i) by a resolution of the relevant company in general meeting, and
(ii) if the director or connected person is a director of its holding company or a person connected with such a director, by a resolution of the holding company in general meeting.
(2) For the purposes of this section a non-cash asset is of the requisite value if at the time the arrangement in question is entered into its value is not less than €5,000 but, subject to that, exceeds €65,000
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